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Peter Schiff: Crypto Inflation A Lot Higher Than Fiat by taskmaster4450le

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hive-181335 · @taskmaster4450le · (edited)
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Peter Schiff: Crypto Inflation A Lot Higher Than Fiat
<center>

[![](https://img.3speakcontent.online/qtqrgbbm/thumbnails/default.png)](https://3speak.tv/watch?v=taskmaster4450le/qtqrgbbm)

▶️ [Watch on 3Speak](https://3speak.tv/watch?v=taskmaster4450le/qtqrgbbm)

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---

Peter Schiff has expanded the scope of his attacks.  No longer is he targeting Bitcoin but all of crypto.  His latest charge is that the rate of inflation of crypto is a lot higher than fiat.

He is actually correct on this.

In this video I discuss how the inflation is important for the growth of the industry.  When people look at this topic, they completely ignore how growth plays into the equation.

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vote details (227)
@ai-summaries · 
**Summary:**
In this video, Task discusses Peter Schiff's negative stance on Bitcoin and cryptocurrencies, particularly focusing on Schiff's criticism of the inflation rates in the crypto space. Task disagrees with Schiff and argues that inflation can be beneficial for crypto projects as it incentivizes participation and growth. He explains how inflation in cryptocurrencies like Bitcoin, Ethereum, and DeFi projects is necessary for network maintenance and development. Task highlights the importance of growth rates and user adoption in determining the success of cryptocurrency projects and dismisses Schiff's views as simplistic and lacking understanding of the economics behind inflation and economic growth.

**Detailed Article:**
Taskmaster begins by addressing Peter Schiff's recent April Fool's joke about changing his mind on Bitcoin, emphasizing that Schiff remains staunchly against cryptocurrencies, preferring gold investments for his followers. Task expresses disagreement with Schiff and his belief that inflation in cryptocurrencies can actually lead to growth and development within the crypto space, contrary to Schiff's negative portrayal. Task points out that DeFi returns are largely driven by inflation resulting from new money being printed, which incentivizes participation and activity in these projects.

Task argues that inflation within crypto projects is essential for encouraging involvement and rewarding participants, using examples like Cub token rewards for staking, farming, and liquidity provision in DeFi platforms. He compares inflation in traditional fiat currencies to that in crypto, highlighting the differences and benefits of inflation within the crypto ecosystem. Task emphasizes that inflation in crypto projects is not necessarily detrimental, as long as there is corresponding growth and utility in these projects.

Furthermore, Task discusses the necessity of an inflating currency in conjunction with population growth and economic expansion. He refutes Schiff's belief that all inflation is harmful, noting that in a growing economy with increasing investment opportunities, inflation can be a sign of progress. Task elaborates on the role of inflation in supporting network operations and incentivizing miners in cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

In conclusion, Task emphasizes that the success of cryptocurrency projects depends on their utility, user engagement, and growth, rather than solely focusing on inflation rates. He celebrates the exponential growth, user adoption, and development within the crypto space as indicators of a thriving ecosystem. Task dismisses Schiff's criticisms as overlooking the positive relationship between inflation and growth in the cryptocurrency sector, challenging the conventional views on inflation's impacts on economic prosperity.
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@anjolacrypto · 
this is the first time i am going to agree with any of his statements..lol

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@cmmemes · 
When you want to discredit someone you simply try to associate bad buzz word with them like inflation in our case

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@cmmemes/re-taskmaster4450le-bkoue)
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@edicted · 
#### The difference is who controls the inflation. 
Does not matter how much inflation a network has if the users that control that inflation bring more value to the network than they extract. 

Bitcoin really created this echo chamber of "inflation is bad" that everyone seems to blindly parrot.  Too much emphasis on token burns and hard caps rather than growth and development. 

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@jfang003 · 
Well the liquidity crisis in dollars is caused by QE (deflationary). Though it doesn't step the dollars from devalued due to the huge number of dollars they are printed. It is true that one of the most appealing aspects of crypto is the high inflation rate (minus coins like BTC) and the high APR.

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@ph1102 · 
As Edicted said in the comment, it's important who CONTROLS the inflation... and who is making it higher or lower... There are numerous examples of hyperinflation when those who "control" it lost control... 

Crypto is different as most cryptocurrencies have fixed inflation or an "algorithm" that is lowering the inflation in a certain timeframe... There is no Joe Doe doing that when he wants more money for himself... 

Just my 2c...
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<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 51 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-49-and-start-week-50) just started...you can now check the winners of the previous week!</center><center><sub>8</sub></center>
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